The long-run supply curve of a perfectly competitive market is a:
a. an upward rising step function.
b. a downward sloping step function.
c. a vertical line at the market price.
d. a horizontal line at the market price.
D
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The term that refers to the price level rising at a low rate is
a. hidden inflation b. creeping inflation c. repressed inflation d. disinflation e. deflation
The structural deficit/surplus budget
a. measures the federal budget deficit/surplus as if the economy were at full employment. b. measures the federal budget deficit/surplus as if the economy were in recession. c. measures the federal budget deficit/surplus as if the economy were suffering from high inflation. d. is used when structural unemployment is at a peak.
Pareto points in the Edgeworth Box are
A. found when utility curves are tangent. B. found when MRS are equal. C. found when one person cannot be made better off without making another person worse off. D. all of these answer options are correct. E. none of these answer options are correct.
Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
With a per-unit tariff in the amount Pt?Pc, price and total quantity sold will be
A. Pc and z. B. Pa and x. C. Pt and x. D. Pt and y.